Peninsula enterprise. [volume] (Accomac, Va.) 1881-1965, 1887-05-14
The Debt Commission a Failure.

3
only awaited final details. This at
ternoon's session, however, the pre-
cecdlngS of which have been made
public, has resulted in final adj
iournment of the joint conference
without arriving at any settlement.
Subsequently, the Virginia repre-
scntatives held a meeting and APP
pointed IL sub committee to pre-
pare a preliminary report on the
subject, to be submitted to the
General Assembly to morrow. A
full report of tho Virginia commit
tee will he made later.
The subcommittee OF the Vir
gini;l debt commissioners had Il
three hours session tonight and
agreed upon Il report to be submit
ted to the General Assembly to
morrow. From this report it APP
pears that the last proposition OF
the bond holders representatives
was that they shonld have a prn
cipal sum of $2G,SS7,000. This
amount WIS reached by de.lncting
from the debtoi' the State the Rid.
dleberger bonds held by the State,
amounting to S9.24O, 900; tho bonds
comprised in the literary fund,
amounting to S1.179,000; bonds
held by the board OF public works,
slG3 600; the debt due the United
States Government, ST, 800, 000,and
Il further deduction of S2,G2" 900
being ten per cent. of the Stare 5
debt, evidence of which they claim
ed had been lost, and for which
no demand would probably be
made III future. In addition, they
demanded in cash from the State
the sum Of Fl ,OU2,000, being ~ per
cent. of the 60 per cent. OF arrear-
ages of interest of he conS0l and
1910 debt. They also demand that
the new bonds should hc exempt
from taxation, State, county or cor
poration; that the coupons should
be tax receivable; that all expenses
incurred or to be Incurred i'll con
nection with the present neg0tia-
ton and settlement should he paid
10y the State and that after the eN
pration of two years no bonds
should he funded By the State ex
cept with the consent Of the coun
Gil OF foreign bondholders. To these
demands tie legislative committee
responded 10y saying in substance
that the propositions named were
wholly unsatisfactory and would
be rejected by the people.
The committee, however,stll anx.
iouS to reach an agreement, pre-
scented as an ultimatum on their
part the proposition that the prn-
cipal CT The debt he fixed approx
metely at S25,0OO,O0O, to he CAPT
talized upon terms hereafter to be
agreed upon, and to include all the
bonds held by the State, the new
bouds to run fifty years at 5 per
cent, to be redeemable at the pleas
ure OF the State after ten sand
the question Of security to be left
open fOr further negotiation. After
the receipt Of this communication
pOnauoItlerS. representative snUu.
flied their proposition only SO lar
&c IN Lyclndp file bonds held by the
sinking fund commissioners, ISL.
l79, OOO) proposing that such bonds
should share with them thcir rata
bic part OF the annual interest
charge of SSOG,OOO. They further
empilatlcally declared that they lie
cllned, once for all, auy ncgotla
ions that would involve Il reduc
ton of the capital of the consol and
1910 bonds so as to bring the tOtaI
amount within S25,OOO,UO. There
upon the legislative committee
adopted aud forwarded to the Eng
lish commissioners the following
preamble and resolution:
"Whereas the commissioners on
he part OF the foreign bondhold.
ers have stated to tins committee
that they in substance adhere to
the proposition this day presented
by them, and Lave rejected the
proposition made by this commit
tee, and declare the former us theii
ultilhation: Therefore,
"Ecsolved, That it be communl
Gated to the commission OF The
council of foreign bondholdcrs that
in the opinion OF the joint commit
tee further negotiations Will nol
tend to a final agreement, and that
we feel constrained SO to report t.
the General Assembly"
Tie Legislative committee Will
supplement this with d detailed
statement, which will embody ste
nographic reports of all the meet
iDgs OF the two parties.
Lieut.. Gov. Massey, who is q
member OF the Legislative commit
tee, SAID to night: "a great change
came over the commissioners to
day. Their manner was entirely
different from what it was at the
Conference Saturday. How do
account for this change2 Well, ]
suppose some one must have been
talking to the gentlemen between
Saturday and to day. Mr.. Massey
added that in his opinion the PEG
pie OF this State would heartily en-
dorse the position taken by the
committee in this matter. 1t Is the
impression among many oil the
members of the committee that tic